Deutsche Bank Says 3 Senior Investment Bankers to Leave Firm
(Bloomberg) -- Deutsche Bank AG said three senior investment bankers are departing as the German lender retreats in the advisory and underwriting businesses.
Alasdair Warren, who helped run the firm’s investment bank in Europe, as well as Scott Sartorius and Christopher Blum, the two heads of its U.S. leveraged finance business, are leaving, according to separate memos to staff.
Deutsche Bank’s investment banking unit has seen a number of departures as new Chief Executive Officer Christian Sewing scales back certain areas of the business, particularly in the U.S. and Asia, to combat low profitability. Sewing has also vowed to cut the number of senior executives to reduce costs.
The bank has already parted ways with Thomas Piquemal, its global head of mergers and acquisitions. Piquemal was also chief country officer for France.
The lender said in April that revenue from the corporate finance unit dropped 27 percent in the first quarter and would likely fall for the year amid the cuts.
Warren joined from Goldman Sachs Group Inc. in 2016 to help the Frankfurt-based bank take back share it had lost to U.S. rivals. He was head of corporate finance -- which includes the advisory and underwriting units -- in Europe, the Middle East and Africa.
Mark Fedorcik, co-president of the investment bank, will take over responsibility for the corporate finance business in EMEA in addition to his other responsibilities, according to an internal memo sent by Garth Ritchie, the German lender’s co-president. Adam Bagshaw, global co-head of private equity, and Nick Jansa, co-head of global leveraged debt capital markets, will become co-heads of corporate finance for EMEA, reporting to Fedorcik, the memo stated.
Ian Dorrington and Manfred Affenzeller were named co-heads of U.S. leveraged finance to replace Sartorius and Blum, according to a separate internal memo.
Deutsche Bank’s shares, which hit a new record low last week in response to a credit rating downgrade and reports of problems with its supervisors in the U.S., opened higher Wednesday in Frankfurt. At 9:01 a.m., they were up 0.4 percent at 9.46 euros.
©2018 Bloomberg L.P.